Metaplanet’s ADR Debut Today Amid MSCI Exclusion Concerns

Key Highlights:

• Metaplanet launches Sponsored ADR to simplify U.S. investing.
• MSCI may exclude Bitcoin-heavy firms, such as MicroStrategy and Metaplanet, risking forced selling.
• BOJ rate hike adds more macro pressure despite ADR benefits.

Metaplanet Inc., a company listed on the Tokyo Stock Exchange, is making it easier for the people in the U.S. to buy its shares. The company, through its official X account, announced that the company’s shares will be available on the U.S. over-the-counter (OTC) market under the ticker MPJPY, today, December 19, 2025.

The company is well-known for buying a lot of Bitcoin, and earning its nickname “Japan’s MicroStrategy.” Deutsche Bank will be the one that will handle the U.S. side, and MUFG Bank in Japan will be the one that will keep the shares safe.

Strategic Purpose Behind the ADR Program

Metaplanet said the Sponsored ADR program fits perfectly with its long-term plan to make investing in the company easier, clearer and more liquid for the global investors. The company in its official notice stated “Over the past several quarters, we have observed increased interest from U.S.-based investors seeking more efficient and direct ways to participate in the Company’s equity.”

The prior MTPLF structure worked but it had slow settlements and low liquidity, which somewhere discouraged bigger institutions with regulatory rules to follow.

By moving to a formal Sponsored Level I ADR, Metaplanet will be removing all the above said hurdles. ADRs will trade in U.S. dollars using standard U.S. systems, cutting costs and speeding up transactions.

Institutional investors and fund managers, who usually need compliant ADR setups, can now easily invest without any hesitation. Here, the company also wants to clear the air out and put it out there that the main aim with this program is to make investing in company equity simple and not to raise money and dilute the current shareholders’ ownership.

Simon Gerovich, Representative Director, and IR Director Miki Nakagawa said that this program will help the company strengthen international investor connections and continue Metaplanet’s transparency efforts, like regular Bitcoin holding updates, which have contributed to a 300%+ stock rise this year during the crypto rallies.

What Sets Sponsored ADRs Apart?

ADRs are U.S. regulated certificates that let investors buy foreign company shares in dollars, just like regular U.S. stocks. Also, unlike the old MTPLF trading, which had no formal rules or company supervision, the new ADR setup involves Metaplanet directly, making communication with investors and overall management much smoother.

MSCI Risks and Market Headwinds

MSCI, a major index provider, is considering excluding companies where more than 50% of assets are in digital assets like Bitcoin. Metaplanet fits this profile, and has been already flagged for a review.

If at all, Metaplanet is removed from these indexes, passive funds that automatically follow MSCI benchmarks may have to sell their shares, which could put a significant downward pressure on the stock. Market discussions suggest that MSCI’s exclusions could trigger billions of dollars in forced selling across affected companies.

Metaplanet and others are, however, pushing back and have been arguing that Bitcoin should not make a company ineligible for an index. The final decision is still pending and it is expected to be out by January 15, 2026.

Additionally, the Bank of Japan has raised its interest rates by 0.25% to 0.75%, its first since January 2025. A weaker yen can increase the value of Metaplanet’s Bitcoin holdings in yen, but higher rates may still raise borrowing costs and pressure growth stocks, including crypto-heavy firms.

Combined with MSCI-related forced selling and broader regulatory scrutiny, these factors create key headwinds for the stock, even as the ADR improves global access.

Also Read: Metaplanet Cashes In on Bitcoin, Raises $130 Million